A joint initiative of Australia’s digital industry peak body, AIMIA, and the Australian Centre for Retail Studies at Monash University, the research aims to give retailers and digital media professionals an independent benchmark by which to assess their own business priorities and opportunities in the online space.
Whilst no silver bullet strategy exists the are some pleasingly trends identified that will help to increase transformation of the eCommerce and digital space.
Key trends identified by the report include:
- Online retailing remains a small part of the overall retail landscape, accounting for 5% of global retail spending in 2013. Online retailing is an increasingly important component of the modern marketing mix.
- "It's not omnichannel it's just retail". Omnichannel has passed the tipping point and is just normal retail business practice now. Customers are driving these expectations and retailers understand that there is no on size fits all approach.
- Millennial consumers with their always on connectivity are driving expectations and providing opportunities with real time media and new technologies.
- The store should be central to an omnichannel execution. Stores have the ability to engage customers in tactile ways, stimulate senses and stir emotions.
- There is a strong sales growth linkage to the personalisation of offers and integrating customer information to a single source.
- Retailers see management and analysis of available data, keeping up with the pace of change, and targeting the right potential customers among the key future challenges for the next 12 months.
Opportuntiies for retailers:
- Opportunities for non standardised products ( I.e. Games and consumer electronics to increasing ther share of the online retail spend mix as customers continue to expert these retailers to offer comparible services.
- Depending on the brand, opportunities exist around new technology and media such a real time targeting and tools to target changing millennial consumer expectations.
- Challenges around targeting customers and analysis of available data can be addressed in a staggered methodical approach, presenting opportunity for differentiation and optimisation.
- Email is still an under utilised marketing tool with significant improvement opportunities in the area of automated and triggered campaigns as well as customer and lifestyle segmentation.
You can download the full AIMIA Research Findings now.